Investigation of the relationship between macroeconomic variables and the stock cash return index in Tehran Stock Exchange
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 6, Issue 1
Abstract
This study has been done to determine the long-run relationship between the growth rate of stock index yields returns and a set of macroeconomic variables such as inflation rate, money supply growth rate, and exchange rate and oil revenues. In this research, data was analyzed quarterly for a period of 2002-2011 (1381 -1390 Persian calendar) using vector autoregressive with distributed lags.Generalized Dickey Fuller unit root test showed that the level of liquidity growth rate and other variables in first differences are permanent. The co-integration test results also indicate the existence of long-run relationship between economic variables and the rate of cash return. Long-run relationship between growth rates and yields of oil revenues and a negative exchange rate, and inflation are positively related. More, the significance of factor is the growth rate of cash flows, in the ninety percent confidence level, was rejected.
Authors and Affiliations
Jamal Esmaeili*| Master of Economic Sciences, lecturer in Islamic Azad University-Eyvan branch, Iran. email:jm.esmaeili@yahoo.com, Sajad Gholami| Master of Accounting, lecturer in Islamic Azad University-Eyvan branch, Iran.
Keywords
Related Articles
- EP ID EP6091
- DOI -
- Views 326
- Downloads 10
Composting: a new method for reduction of solid waste and wastewater
increasing solid waste and urban waste water is one of the major and important problems of urban management and one of the problems of municipal wastewater treatment is the problem of sludge disposal. So this research do...
Properties Manager from the perspective of Islam
because man is a social creature and God, for the management and administration of community needs is people who have knowledge of planning and management, leadership and supervision over the activities of his talent to...
The Investment Dispute Resolutions in Energy Charter Treaty
Energy differences, due to the strategic nature of the enormous costs associated with it, great sensitivity, and the Energy Charter Treaty as the first legal document in planning, trade, transit and investment in the ene...
The Relationship between Job Involvement, Job Satisfaction and Organizational Productivity (Education Organization of Sistan and Baluchestan)
There are several factors that effect on the organization so Job involvement and job satisfaction. Productivity Organization has a critical role on the business excellence and client satisfaction thus this study evaluate...
Exploring the trend of international criminal courts approaching the challenges related to international criminal no ex post facto law
No ex post facto law is considered as the fundamentals of law so that it is taken as important in the field of private law and criminal law, even when it comes to international evidences as the right demonstrator. Failin...